M2H requirements

Yes, you can contact MM2H directly at their headquarters:

    MALAYSIA MY SECOND HOME CENTRE (MM2H)
    Ministry of Tourism and Culture Malaysia,
    Level 1, No. 2, Tower 1,
    Jalan P5/6, Presint 5,
    62200 W.P. Putrajaya,
    MALAYSIA

    TELEPHONE
    +603 8891 7424
    +603 8891 7427
    +603 8891 7434
    +603 8891 7439

    FAX
    +603 8891 7415

    EMAIL
    [email protected]

    OPERATING HOURS
    Monday – Thursday
    8am – 5pm
    Lunch Break 1pm – 2pm

    Friday
    8am – 5pm
    Lunch Break 12.15pm – 2.45pm

    Saturday, Sunday & Public Holiday
    Closed

Thank you, abdulkhalil 

I am on MM2H living in Penang/Kuala Lumpur. Happy to help.

gravitas - would you mind if I emailed you with my specific queries, please?

I am retired, aged 63, and interested in a ten year visa. I want to live in central Kuala Lumpur.
However, I am a little confused over some of the financial requirements.
If I tell you how I understand it, and how I intend to do it, can you please confirm that I have not misunderstood?

1. I need a Malaysian n bank account with MYR350,000, for three months before i can apply.
(I assume it is OK to apply for a bank account in Malaysia, without a local address, ie using my Australian address?)

2. I need to have my Superannuation pension, which is paid by the Australian Commonwealth Government Superannuation Scheme, paid into this account (Is that what is classed as a government pension?)  This pension exceeds MYR10,000 per month.

3. Do I need to have this paid into the account for three months prior to application, or is it sufficient to redirect it, when I actually come to live there (but prove to you from my Australian bank accounts, that I have this income)

4. I also need to deposit some money in a fixed deposit (at what stage is this, ie after the three months has expired, and before I apply for the visa?)

5. I can choose to either rent or buy.

6. If I buy, the minimum purchase price is MYR350,000   (I found this a little confusing, because it was somewhere mentioned as MYR1,000,000?)

7. I would be allowed to purchase more than one property, if I want to

8. Is it possible for me to purchase a property prior to the granting of the ten year visa, if I visit Malaysia on a normal tourist visa, leaving at regular intervals until I have the M2H visa?

Thank you for your advice on these questions.

This is my own experience and it may help a little, but I suggest you get a more updated answer from Gravitas or others who have applied for the MM2H more recently.

The minimum purchase price for a foreigner buying a property in KL is RM1,000,000. A long time ago it was RM250,000 then later it increased to RM500,000 and for a few years now it is set at RM1,000,000.

You can either rent or buy a house, apartment or commercial property.

If you plan to buy, please bear in mind that the Malaysian property market is not what it used to be. Since about 3 - 4 years it is pretty stagnant and unless your property is really in demand then don't expect to make much profit if any at all. The days of doubling or tripling your initial investment are pretty much over. Nowadays many investors are happy to sell with a 10% - 20% profit margin.

You can purchase as many properties as you want. This applies to whether you have MM2H or not. If you are applying for local bank loans, you only need to satisfy their requirements with proof of income and the bank will tell you how much they will lend you. If you are a cash buyer you are in a strong position since banks do not give out loans as easily as they used to. My first purchase was in cash and I was holding only a 3 month Tourist Visa.

You can buy a property anytime you want, even with a tourist visa. I bought four or five properties on a Tourist Visa before I ever applied for my MM2H. There really isn't any connection between buying property and the MM2H.

Some local banks do not allow you to open an account with only a Tourist Visa, but if you are doing it to deposit RM350k into an MM2H FD, then they should all accept. If you have an HSBC Premier account back home, then it will be very easy to open one in Malaysia. I also had accounts with several local banks prior to me obtaining my MM2H but it required a little persuasion.

It's worth noting that if you place funds in an FD of more than around RM200k, you automatically become a Privilege, Premier or Priority customer with that bank, so apart from all the usual benefits you also get a personal account manager.

When I applied for MM2H, I already had invested a total of more than a million ringgit in local property. With that in mind I was only required to place RM60,000 into a Fixed Deposit account instead of the usual RM150k that was required at that time (a long time ago)  for over 50 year olds. I believe a similar rule still applies whereby you do not need to deposit as much as RM350k if you can prove that you have invested more than a million ringgit in local property.

For the pension, I provided documentary proof of an offshore income of more than RM10k per month during my application, but there was no requirement to send any of it to Malaysia afterwards.

Cheers

Wow, thanks for all that additional advice.
What I might do, is ensure I have enough in the bank in Australia, to buy a MYR1M property, but rent fir a while first, to decide if I really want to buy, and also to give me time to find the right place.
One other question. Can I rent before I have a residency visa?
KAren

Yes, you can rent while on a tourist visa. The deposit is 2.5 months rental up front plus one month rental in advance. i.e. 3.5 months rental to move in.

thx